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CHINAMONEY:What is your definition of the Asian bond market?Is this a market geographically confined to the East Asian region? Rhee:A narrowest definition of an Asian bond market may be the union of the three circles signifying Asian issuers,Asian investors, and Asian currencies.I am afraid that some of Asian bond market initiatives tend to favor this narrow definition because of strong regionalism in over-reaction to bitter experiences of the East Asian financial crisis in 1997-1998.This is not a constructive approach.As long as Asian borrowers issue bonds at a minimum cost and these bonds are purchased by institutional investors from the region as well as outside region,allowing them to gain the maximum yield,all other considerations become secondary.It does not matter where these bonds are issued;who rates these bonds;who serves as the lead manager;where the bonds are traded;where they are cleared and settled;and in which currency they are denominated.
CHINAMONEY: What is your definition of the Asian bond market? Is this a market geographically confined to the East Asian region? Rhee: A narrowest definition of an Asian bond market may the union of the three circles signifying Asian issuers, Asian investors, and Asian currencies.I am afraid that some of Asian bond market initiatives tend to favor this narrow definition because of strong regionalism in over-reaction to bitter experiences of the East Asian financial crisis in 1997-1998.This is not a constructive approach .As long as Asian borrowers issue bonds at a minimum cost and these bonds are purchased by institutional investors from the region as well as outside region, allowing them to gain the maximum yield, all other considerations become secondary .It does not matter where these bonds are issued; who rates these bonds; who serves as the lead manager; where the bonds are traded; where they are cleared and settled; and in which currency they are denominated.